Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 235]

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1915]

PKOOEEDINGS OF THE BOARD OF TRUSTEES.

235

able out of the money paid into the State Treasury and set apart as a fund for the use and maintenance of the University of Illinois, in accordance with an act entitled: "An Act to provide by State tax for a fund for the support and maintenance of the University of Illinois,", approved June 10, 1911, in force July 1, 1911, payable as follows: For maintenance, equipment, general operating" expense, purchase of land and erection of buildings, two million five hundred and seventy-nine thousand seven hundred and fifty-eight dollars ($2,579,758) per annum. SECTION 2. The appropriations made herein shall be paid only out of moneys paid into the State Treasury and set apart for the use and maintenance of the University of Illinois in accordance with the provisions entitled "An Act to provide by State tax for a fund for the support and maintenance of the University of Illinois," approved June 10, 19-11, in force July 1, 1911. The Auditor of Public Accounts is hereby authorized and directed to draw his warrants from time to time upon the State Treasurer for amounts expended or bills then due, from the sums herein appropriated, payable severally to the persons named, upon the presentation of itemized vouchers therefor, certified to by the President and Secretary of the Board of Trustees of the University of Illinois, with the corporate seal of the University attached thereto. P. S.—If we accept the Auditor's estimate of $2,575,000, instead of my estimate of $2,592,000 for the year beginning- July 1, 1916, the total to be appropriated will be $5,142,516, and the annual sum will be $2,571,258. On motion of Capt. Trevett, the committee voted to approve the general scheme of the bill as prepared by President James.

E M P L O Y M E N T OF A U D I T COMPANY.

The chairman was authorized to employ the United States Audit Co. to make the regular quarterly audits of the accounts of the University. The committee adjourned. The report was considered by sections.

H. E : CUNNINGHAM, Clerk.

TREASURER'S B O N D APPROVED. / On motion of Mr. Hoit, the bond of Mr. Capron as Treasurer was accepted and approved, and the Secretary was instructed to notify Mr. Busey that Mr. Capron has been elected and qualified as Treasurer and to request Mr. Busey to turn over to Mr. Capron all funds, books, and securities belonging to the University and in his possession, accepting therefor Mr. Capron's receipt as Treasurer. RATE OF INTEREST ON TREASURER'S BALANCES. Mrs. Henrotin moved that action on the recommendation concerning the rate of interest to be paid by Mr. Busey be deferred. Mrs. Busey moved as a substitute that the recommendation of the Finance Committee that the rate be fixed at one per cent be concurred in. This matter was dicussed at length. President James advised very strongly that this action be not taken. At this point Mr. Trevett withdrew, the absence of a quorum having been noted, the board adjourned. R. F. CAKE, Chairman. H. E. CUNNINGHAM, Secretary.

Meeting of the Executive Committee, April 27, 1915.

A meeting of the Executive Committee of the Board of Trustees of the University of Illinois was held at the, University, in Urbana, on Tuesday, April 27, 1915, immediately following the adjournment of the meeting of the Board of Trustees on the same date. Mr. Carr and Mr. Hoit, members of the Executive Committee, and Mrs. Busey, Mrs. Evans, Mrs. Henrotin, and Miss Watson, members of the board, and President James, were present. Mr. Hoit acted as Chairman during the forenoon. MATTERS PRESENTED BY T H E PRESIDENT OF T H E UNIVERSITY. The Executive Committee proceeded to the consideration of the following matters presented by President James:

D I S C O N T I N U A N C E OF INCOME T A X , P. & S. BONDS.

(1) A letter from Mr. L. E. Knorr, Acting Comptroller, enclosing.a copy of a letter from Judge O. A. Harker, Legal Counsel, and a copy of a letter from the Comptroller to Dr. F. B. Earle, stating that the University will decline to advance the normal income tax of one per cent on account of interest paid to the holders of the 1901 issue of bonds of the College of Physicians and Surgeons of Chicago: